U.S. Congress - S.1787 Wall Street Trading and Speculators Tax Act
S.1787 - Wall Street Trading and Speculators Tax Act
A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions. as introduced.
- Short: Wall Street Trading and Speculators Tax Act as introduced.
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Official Summary
11/2/2011--Introduced.Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security: (1) if such purchase occurs on a trading facility located in the United States, or (2) the purchaser or seller is a U.S. person. DOfficial Summary
11/2/2011--Introduced.Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security:(1) if such purchase occurs on a trading facility located in the United States, or
(2) the purchaser or seller is a U.S. person. Defines "security" to include:
(1) stocks, partnership interests, notes, bonds, debentures, or other evidences of indebtedness; and
(2) interests in a derivative financial instrument (i.e., any option, forward contract, futures contract, notional principal contract, or any similar financial instrument). Exempts from such tax:
(1) initial issues of securities;
(2) any note, bond, debenture, or other evidence of indebtedness which has a fixed maturity of not more than 100 days; and
(3) securities traded pursuant to certain lending arrangements.
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